Financing firms’ credit portfolios grow 12% to SAR 85B in 2023

10/06/2024Argaam Special

AI Summary

Content Summary:

Loading data...

Comments Analysis:

Positive:0%

Neutral:0%

Negative:0%

Comments Summary:Loading data...

Please note that this news summary has been generated using artificial intelligence. It is recommended to review the originalsources for complete details and to verify the accuracy of the information.

ShareCopy to clipboard

Logo of The Saudi Central Bank (SAMA)

The credit portfolio of financing firms in Saudi Arabia grew by12% year-on-year (YoY) tonearlySAR 85 billionin 2023, data issued by the Saudi Central Bank (SAMA) showed.

Loans granted to the retail sectorhad the biggest contribution with 77% of the total. Meanwhile,thefinancing provided to micro, small and medium enterprises (MSMEs) sector came in at 20%.The corporate sector financing represented 3% of the total.

The volume of new financing reached nearly SAR33 billion, rising19% YoY in 2023.

The aggregate assets of financiers stood at SAR 31 billion, jumping 48% YoY.

The aggregate net income of the financing sector in Saudi Arabia dropped to SAR 1.7 billion by the end of H1 2023.

The following table shows the most important indicators of financing companies:

Personal finance accounted for 28% of the financing companies’ credit portfolio, or SAR 23.3 billion in 2023, followed by the residential real estate and vehicle sectors, at 27% and 25%, respectively.

The below table indicates the credit portfolio by activity for 2023: